ACC 630 Milestone 2: Estate Planning and Trust

ACC 630 Milestone Two Guidelines and Rubric This is the second of three milestone assignments that will lead to com pletion of your course project. In this assignment, you will complete Sections III and IV of the final project . For this part of the assessment you will prepare a Word document that addresse s the critical elements below. Make sure you answer each question in a substantive way and defend your content with at least one scholarly so urce other than your textbook. You wi ll want to pay close attention to the grading rubric in order to make sure you meet the exemplary level in each requirement. Specifically, the following critical elements must be addressed: III. Estate Planning A. In terms of minimizing tax liability , how would estate planning differ from a partnership to a corporation? B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response. C. Describe your company’s succession plan and whether or not it ali gns with your company’s vision. D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why? IV. Trusts A. Draw a conclusion about the purpose for the company’s trust based on the resea rch of your company. B. Why would a small business owner want to set up a trust and how could it be used for estate planning purposes ? C. Evaluate the similarities and differences between trusts and corporations. In an attempt to protect income , which would be m ost suitable for a company? Guidelines for Submission : Your p aper must be submitted as a 2- to 3-page Microsoft Word document with double spacing, 12 -point Times New Roman font, and one -inch margins . U se at least one outside source other than the textbook. Sources should be cited according to APA style. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more in formation, review these instructions . Rubric Critical Elements Exemplary (100%) Proficient ( 90 %) Needs Improvement (70 %) Not Evident (0%) Value Estate Planning:

Minimizing Tax Liability Meets “Proficient” criteria and uses relevant research to illustrate claims Explains how estate planning differs from a partnership to a corporation in terms of minimizing tax liability Explains how estate plannin g differs from a partnership to a corporation but not in terms of minimizing tax liability Does not explain how estate planning differs from a partnership to a corporation 12.75 Estate Planning:

Advantages Meets “Proficient” criteria and defense is well supported and logical Determines the advantages of setting up a business as a corporation versus a partnership for estate planning purposes and defends response Determines the advantages of setting up a business as a corporation versus a partnership for es tate planning purposes , but does not defend response or defense is weak or cursory Does not determine the advantages of setting up a business as a corporation versus a partnership 12.75 Estate Planning:

Succession Plan Meets “Proficient” criteria and description is exceptionally clear and contextualized Describes the company’s succession plan and whether or not it aligns with the company’s vision Describes the company’s succession plan , but does not describe if it aligns with the company’s vision or description is cursory or inaccurate Does not describe the company’s succession plan 12.75 Estate Planning: Strategy Meets “Proficient” criteria and defense is well supported and logical Determines which strategy would be most effective and defends response Determines which strategy would be most effective , but does not defend response or defense is weak or cursory Does not determine which strategy would be most effective 12.75 Trusts:

Co nclusion Meets “Proficient” criteria and cites sources that are aligned with conclusion Draws a conclusion about the purpose for the trust based on the research of the company Draws a conclusion about the purpose for the trust , but conclusion is cursory or inaccurate Does not draw a conclusion about the purpose for the trust 13 Trusts: Estate Planning Purposes Meets “Proficient” criteria and cites specific, relevant examples to establish a robust context for the determination Determines why a small business owner would want to set up a trust and how it could be used for estate -planning purposes Determines why a small business owner would want to set up a trust , but does not determine how it could be used for estate - planning pur poses or determination is cursory or inaccurate Does not determine why a small business owner would want to set up a trust 13 Trusts: Protect Income Meets “Proficient” criteria and uses concrete examples to substantiate claims Evaluates the similarities and differences between trusts and corporations and determines which would be most suitable to protect income Evaluates the similarities and differences between trusts and corporations , but does not determine which would be most suitable to protect income or determination is inaccurate Does not evaluate the similarities and differences between trusts and corporations 13 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy to read format Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100%